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Rising UK rail revenues offset poor bus performance at transport company Stagecoach, which remained tight-lipped about the forthcoming loss of a key rail franchise.

The group’s UK rail division, which includes its 90pc stake in the Virgin Train East Coast franchise, saw like-for-like sales rise 1.6pc for the 44 weeks to the end of March. The Virgin Rail West Coast franchise, in which Stagecoach owns a 49pc stake, produced above industry-average sales to grow 5.3pc for the same period.

But management did not comment in its pre-close trading statement about the announcement earlier this week that it had lost control of the South West Trains franchise after more than two decades in control.